The newbuilding constructed at Vard will be chartered by Reach of two and half years with three one-year options.
The vessel will be mobilised immediately, including minor upgrades, for deployment in February next year. In terms of the charter rate Topaz said: “The agreement fairly reflects market terms in addition to an innovative profit sharing agreement.”
The Topaz Tiamat is a 1,000 sq m, diesel-electric light subsea construction vessel with 82 person accommodation in comfort class 3, equipped with an AHC 120-tonne subsea construction crane.
“The Topaz Tiamat, and its sister vessel Topaz Tangaroa, represents Topaz’s strategic reinvestment into the growing subsea segment,” said Rene Kofod-Olsen, ceo of Topaz Energy and Marine.
“This newbuild project was executed counter-cyclically at a time of great turmoil in the broader offshore market, making it particularly rewarding to see the first vessel leave the yard and, as expected, go straight onto a significant long-term contract with a strong subsea partner like Reach.”